Should I buy term insurance or permanent life insurance?

Although a difficult question–one whose answer will vary depending on circumstances–several principles should be followed in addressing this issue.

First recognize that in any life insurance purchasing decision, there are at least two basic questions that must be answered:

“How much life insurance should I buy?” and

“What type of life insurance policy should I buy?”

The question contained in (1) involves an “insurance” decision and the question contained in (2) requires a “financial” decision.

The “insurance” question should always be resolved first. For example, the amount of life insurance that you need may be so large that the only way in which this needed amount of insurance can be afforded is through the purchase of term insurance with its lower premium.

If your ability (and willingness) to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the “financial” decision–which type of policy to buy. Important factors affecting the “financial” decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk.

I would not think of another agency to handle my insurance This has made me think of how long I have been dealing with L. E. Goldsborough & Son and it has been almost 30 years. I could think of no other agency to handle my insurance. You have been very helpful always.

—Carolyn S., Baltimore, MD

Goldsborough Insurance always exceeds my expectations. I have the opportunity to make frequent referrals to many organizations throughout the region. My expectation is that these referrals be handled promptly, professionally and knowledgeably. L.E. Goldsborough & Son, Inc. always exceeds my expectations.

—Neil D., Baltimore, MD

No voice mail, callbacks, texts, transfers, she actually answered the phone. Our worst homeowner’s nightmare had been diffused and addressed quickly and efficiently by Terri. I can’t thank LE Goldsborough and Son enough for their professionalism and quick calls to action.

—Richard G., Baltimore, MD

Goldsborough provides superior customer service and Terri is incredibly professional. She evokes an enticing sense that Goldsborough provides superior customer service by handling inquiries with care and concern.

—Sally H., Timonium, MD

What else is there to say… Being a client of L.E. Goldsborough & Son, Inc. since 1956 (yes 1956) should tell it all. What else is there to say?

—Robert B., Perry Hall, MD

Saved me money and put in place a better plan… Don and his team at L.E. Goldsborough & Son, Inc. provided the suggestions and follow-up I needed to put in place the right insurance options for my business. My previous broker let the ball drop on my renewal. Don’s team not only picked up the ball, but they saved me money and put in place a better plan for my employees!